LABUAN: Malaysian financial technology (fintech) company Neurogine Group aims to work with conventional banks to provide mobile banking and other services in the country and the Asia-Pacific, with CEO Owen Chen saying a key part of the company’s appeal lies in its approach and technology.
“We have a track record of an average of four months to complete a bank’s pilot digital transformation programme, from start to finish.
“This is considered very swift by banking norms … we understand the inherent nature of banks is that of a conservative and prudent approach,” he said.
Acording to Chen, the move from conventional, counter-based approach in banks to full-fledged, cross-functional, mobile smartphone-based digital banking will improve economic efficiency, thus benefiting the bank, account holders and the community.
“Every digitalised banking module thereafter can be completed by Neurogine between three and six months, depending on the scale and complexity,” he said.
Chen said Neurogine’s primary reference site is Vattanac Bank Ltd in Cambodia, which began its transformation earlier this year and now offers mobile banking and mobile payment services for its merchants.
The group’s experience and success with Vattanac Bank, he noted, was replicated in other banks in the region like the Co-Operative Bank Ltd in Myanmar.
“Banks like these are reaching out to the unbanked segment of their respective populations,while improving their banking services, quality and capacity,” he added.
Chen said together with Neurogine, these banks are digitally transforming their respective banking industry to serve larger segments of the population and community – providing a more economical, transparent and secure financial infrastructure.
“We look forward to link such services across the region with cross-border banking and payment services. Imagine visitors from Cambodia or Myanmar travelling abroad, with monetary values stored in their digital wallets for small payments, managed from their digital bank accounts in multiple currencies.
“They can opt to switch on Near Field Communication (NFC) capability on their smartphones to pay using Visa Token Service (VTS),” he pointed out.
Chen said Neurogine already has NFC and VTS experience and these features, which connect to core banking functions like savings and loans, translate to seamless mobile banking for account holders with NFC, Quick Response (QR) codes and even facial recognition features.
“It will mean the end for e-wallets and e-wallet providers as such capabilities will make them totally redundant,” he asserted, that the company is working with banks to connect core banking services with NFC, QR Codes and even facial recognition on mobile devices and smartphones.
Neurogine Sdn Bhd is among more than 30 fintech-related entities licenced by the Labuan Financial Services Authority (Labuan FSA) to undertake innovative financial services (IFC) in the Labuan International Business Financial Centre. – Bernama
